Public finances are in a 'pretty hairy' state
A government cabinet minister pointed to the 'pretty hairy' state of public finances as he admitted the state pension age could be raised. Work and Pensions Secretary Mel Stride confirmed a decision is expected to be made within the next six months.
Raising the age would cost millions of people currently aged between 51 and 57 up to around £10,000 each. Mr Stride yesterday suggested the pension age could go up even though life expectancy is not increasing. “Another is the cost, and if you look at the consequences of us living longer, and you look at that, for example, as expressed in the financial stability report that the OBR produces every year, where it casts out 50 years and says ‘what are the public finances likely to look like given the demographic change that’s going on?’, the cost of pensions being an element within that, it all gets pretty hairy.
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